Larsen & Toubro greenshoe exercised, raising convertibles to $150 million

Pittsburgh, Nov. 11 - Larsen & Toubro Ltd. said the underwriters of its recent offering of foreign currency convertible bonds exercised the $25 million over-allotment option in full, raising the size of the deal to $150 million.

The Mumbai, India, engineering and construction company originally priced $125 million of the securities after the close on Nov. 1 to yield 4% with a 35% initial conversion premium.

Citigroup and ABN Amro were the bookrunners for the Regulation S deal.

Proceeds will be used for capital expenditures, acquisitions and other purposes.

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